Top savings account launches today

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This is the discussion thread for the following MSE News Story:


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  • funkymonkey
    funkymonkey Posts: 524 Forumite
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    applied for mine today! really easy, got an email saying they would let me know within 5 days and another email one minute later saying id got it. I bank with A&L so it will be better than using my savings account they give you when you open up a current account as it only pays 0.10 %
    #113 12K in 2020 Challenge #113 £17,103/£12,000 £15000
  • alanwsg
    alanwsg Posts: 772 Forumite
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    Same here.
    FWIW, The last time this happened, once I had the account number I had to phone A&L to get the old account transferred into the new one: you can't do it on-line without going via your current account (I'll be moving from an online-saver 4).
    They were happy to do it straight away.
  • G_M
    G_M Posts: 51,977 Forumite
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    MSE guy - can I suggest editing the thread title to include the account name?

    Also it's not really the 'top account'. cf Coventry 50+ (3.25), Lloyds Vantage (4%)
  • LongTermLurker
    LongTermLurker Posts: 1,996 Forumite
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    Is that good? To me, it looks like a bad deal, especially if you have more than £25k to deposit, because you get the same rate regardless of how much you deposit until next August and it only gets better after that.

    I must admit, for me, the rates are so low at the moment that it's not worth moving money about - after all, 0.25% of next-to-nothing isn't going to make much difference. While I happily chased the high rates last year it's not something I'm doing at the moment.
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • joegib
    joegib Posts: 45 Forumite
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    Also, the A & L Online Saver 5 account is annual interest only, so unlike their past online saver accounts, there's no option for monthly interest.
  • Biggles
    Biggles Posts: 8,209 Forumite
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    G_M wrote: »
    MSE guy - can I suggest editing the thread title to include the account name?
    Yes, this seems to be a recurring problem with these posts.

    No mention in the thread title of what account it is.

    In case it's one you don't already know about, you click on the thread, to find there's no mention of the account name in the first post either (which should be the informative one).

    Instead, you have to go to the trouble of clicking on the link to read the title of the article.

    Multiply all this by the number of people who see the thread and you can surely see what a waste of time it is. I've seen this pointed out before, but obviously to no effect.
  • antispam246
    antispam246 Posts: 941 Forumite
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    Issue 6 will be next week. 3.16% I hear.
  • treecity
    treecity Posts: 98 Forumite
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    Is there a logical reason why they don't just up the interest rate on existing accounts rather than bringing out one issue after another?

    I have about 4 A+L accounts, now all are empty except one with £1 in it. I am very slightly fed up with having to open a new account every couple of months to keep up with the new issue accounts from all the banks and building societies...
  • LongTermLurker
    LongTermLurker Posts: 1,996 Forumite
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    treecity wrote: »
    Is there a logical reason why they don't just up the interest rate on existing accounts rather than bringing out one issue after another?

    I have about 4 A+L accounts, now all are empty except one with £1 in it. I am very slightly fed up with having to open a new account every couple of months to keep up with the new issue accounts from all the banks and building societies...
    Deja vu or what? Remember Bradford & Bingley? :rolleyes:
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • masonic
    masonic Posts: 23,473 Forumite
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    treecity wrote: »
    Is there a logical reason why they don't just up the interest rate on existing accounts rather than bringing out one issue after another?
    The reason is that they can pay out a higher rate if it is only paid to a fraction of their customers. If they increased the rate for everyone, the increase would be a lot smaller.
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